EVIC v Greater Europe [2013] 1 JLR 70 (08 January 2013)
- Citation
- [2013] 1 JLR 70
- Status
- Judgment
- Jurisdiction
- Jersey
- Posture
- Company Winding Up / Judgment
More details
- Posture
- Company Winding Up / Judgment
On this page
Professional case brief
Research organized from the available case record
01
Holding and result
Where a fixed-term investment fund's substratum is lost after expiry of its term and there is insufficient shareholder support for summary winding up, the court may order winding up on the 'just and equitable' ground under art. 155(1) of the Companies (Jersey) Law 1991.
Court disposition
just and equitable winding up ordered
Orders
- The company is to be wound up under art. 155(1) of the Companies (Jersey) Law 1991.
02
Material facts
Parties
EVIC
ApplicantGreater Europe
Respondent03
Procedural history
Posture
Company Winding Up / Judgment
04
Questions and positions
Legal issues
- 01
Whether a fixed-term investment fund should be wound up under the Companies (Jersey) Law 1991 after expiry of its term
- 02
Whether insufficient shareholder support for summary winding up justifies a 'just and equitable' winding up under art. 155(1)
Party arguments
- Applicant
- The fixed-term investment fund's substratum was lost after expiry of its term, requiring winding up under the Companies (Jersey) Law 1991.
- Respondent
- Insufficient shareholder support for summary winding up; alternative winding up procedures should be considered.
05
Court’s reasoning
Legal principles
- 01
Companies (Jersey) Law 1991, art. 155(1)
A company may be wound up on the 'just and equitable' ground if its substratum is lost and summary winding up is not supported by sufficient shareholders.
06
Ratio, limits and disposition
Ratio decidendi
Where a fixed-term investment fund's substratum is lost after expiry of its term and there is insufficient shareholder support for summary winding up, the court may order winding up on the 'just and equitable' ground under art. 155(1) of the Companies (Jersey) Law 1991.
Court disposition
just and equitable winding up ordered
- The company is to be wound up under art. 155(1) of the Companies (Jersey) Law 1991.
Source and reliance status
Official court record
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Judgment text
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Court record
Judgment
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